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agree with with what julia said. i think that you have to interpret these elections in two ways. on one side, you have the independent versus unionist vote. and in that way, i think you can safely say there has for the been a great deal of change in the sense that the big push towards pro independence parties are as asked for didn't happen. on the other side, you can clearly say that in the left versus right, there has been just a move towards the left. and in particular with parties towards pushed against austerity cuts. so i think the way to on interpret that is that it will be hard for an independence referendum, although he has already announced he will do so. and he had to do so ban he has always announced that he will do this whatever results come out of of the elections. but to do so, he will have to form a government with the left erc party, which he's fiercely against austerity. so i think that for rajoy, all this means that probably he is strengthened in the and itity independent side of the story, but also he will find it very hard to push further austerity that is needed to
to get reelected and it's not only the german elections that are around the next corner. everybody has to keep facing their own taxpayers. so i think they'll keep doing it with a combination rather than taking all the bitter medicine. either there is a default or the countries that have given the money have to write-off their debt. on one side or the other, it has to go because obviously greece can't pay back, at least not to the extent that they would have to pay back. they might limp through some measures. there was also talk about an interest rate moratorium for up to ten years. a lowering of interest rates. of course that way you can ease the burden a bit, but ultimately there will have to be a public sector haircut of some sort and a substantial one other than that you can't get any relief from the debt front. >> you're also still in brussels because we have budget talk. let's remind ourselves what david cameron is saying about his opposition to increasing those budgets. >> clearly at a time when we're making difficult decisions at home, it is quite wrong for there to be proposals
. the problem is that time is marching on. we've had the election, we've had thanksgiving. the excuses are running out. the lame-duck session is only so long. that's probably why the markets are getting nervous. although you may get a deal done in q-1 rather than in q-4, the fact that it actually hits from january 1st is going to keep business very cautious, very defensive and that's going to worry the equity market. >> it's interesting because it also comes against the landscape where we've seen chinese equities underperform, they reminded us very few of its member countries have great growth prospects going forward. that's probably wise. people are saying why is it that across the globe the u.s. fiscal cliff is such an issue. well, it's because sources of growth at this point are few and far between. >> that is the problem. where is growth going to come from. the one place that looked set for a reasonable 2013 was the u.s. economy. europe flat, china slower probably than this year. but a reasonable set of growth. if you put a 3.5%, 4% of gdp drag on that economy which was only growin
.s. presidential election. the cftc is saying entrade has illegally facilitated bets on future economic data, gold prices and even acts of war. the agency says they're option and can only be traded on regulated exchanges. lehman brothers has striked a deal to sell arch stone to equity residential for just over $6 billion. arch stone owns 45,000 apartment units and the sale closes a rocky five year chapter for lehman which took the company private in 2007 only to see its value plumb met when the u.s. housing market collapsed. auditors now say arch stone was a major contributor to lehman's dehe miz. >>> moodys is sticking with a stable outlook for india. the agency mentioned a list of positives including india's high savings and investment rates, large diverse economy, but moody's did warn of credit challenges posed by india's weak infrastructure, high government debt and inflation. also under pressure partly due you to the country's strong reliance on imported crude. india is the world's fourthimpo may be some relief in sight. cnbc has more on the story live from new delhi. >> so this is a really b
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